Legend Biotech (NASDAQ:LEGN) Shares Gap Up – Time to Buy?

Legend Biotech Co. (NASDAQ:LEGN) shares gapped up prior to trading on Wednesday . The stock had previously closed at $34.67, but opened at $36.75. Legend Biotech shares last traded at $36.87, with a volume of 487,249 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reissued an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Tuesday. Finally, Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $80.62.

Legend Biotech Stock Up 6.4 %

The firm’s 50 day moving average is $36.48 and its two-hundred day moving average is $45.83. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of -38.92 and a beta of 0.16. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same period in the prior year, the firm posted ($0.17) EPS. The company’s revenue was up 66.9% on a year-over-year basis. On average, sell-side analysts predict that Legend Biotech Co. will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Legend Biotech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avior Wealth Management LLC boosted its position in shares of Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after buying an additional 323 shares during the period. Public Sector Pension Investment Board grew its position in Legend Biotech by 1.6% in the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after acquiring an additional 400 shares in the last quarter. Bridgewater Associates LP raised its stake in shares of Legend Biotech by 0.3% during the third quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after purchasing an additional 516 shares during the period. Sei Investments Co. lifted its position in shares of Legend Biotech by 1.5% during the second quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after purchasing an additional 702 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of Legend Biotech by 14.0% in the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after purchasing an additional 837 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).